Morgan Stanley has rolled out CashPlus, a new brokerage account for wealth management clients that replaces its Premier Cash Management program.
“With a Morgan Stanley CashPlus account, clients have an alternative to a bank experience designed around their needs,” said Paul Halpern, head of Deposits and Banking Services for Morgan Stanley Private Banking Group, in a statement. “They receive personalized service and advice, exceptional value, enhanced protection and a digital-first experience.”
The programs do not charge cash management fees and include benefits like unlimited ATM fee rebates worldwide and cash access from banks or tellers that accept MasterCard. The online tools also provide users with an “enhanced display” of cash activities, as well as the ability to set alerts for account activity, send money via Zelle and deposit checks via mobile devices.
To avoid a monthly account fee, clients must have an eligible Morgan Stanley investment account and one Morgan Stanley Online enrollment; for a Premier CashPlus account, there must be $2,500 in monthly deposits or a $25,000 average daily balance. For Platinum CashPlus, the requirement is a monthly deposit level of $5,000 and an average daily balance of $25,000.